Share of Operating Costs Sample Clauses
The 'Share of Operating Costs' clause defines how the expenses associated with operating a property or business are divided among the relevant parties, such as tenants or partners. Typically, this clause outlines the method for calculating each party's proportionate share, which may be based on factors like square footage occupied or usage levels, and details the types of costs included, such as utilities, maintenance, and insurance. Its core function is to ensure a fair and transparent allocation of ongoing operational expenses, thereby preventing disputes and clarifying financial responsibilities.
Share of Operating Costs. Any overpayment or deficiency in the Tenant’s payment of the Tenant’s Share of Operating Costs shall be adjusted between the Landlord and the Tenant; the Tenant shall pay the Landlord or the Landlord shall credit to the Tenant’s account (or, if such adjustment is at the end of the Term, the Landlord shall pay to the Tenant), as the case may be, within fifteen (15) days after such notice to the Tenant, such amount necessary to effect such adjustment. The Landlord’s failure to provide such notice (or the Operating Costs Statement) within the time prescribed herein shall not relieve the Tenant of any of its obligations hereunder, provided however, notwithstanding the aforesaid, the Tenant’s obligations to make payment for any deficiency in the Tenant’s payment of Tenant’s Share of Operating Costs shall terminate in the event Landlord does not provide an Operating Costs Statement within one hundred eighty (180) days after the end of the applicable calendar year. The Tenant shall have the right to review the books and records of the Landlord with respect to the calculation of Operating Costs for the prior Lease Year at the Landlord’s office during normal business hours, at the Tenant’s sole expense, provided (i) the Tenant provides at least thirty (30) days’ advance written notice to the Landlord of its desire to inspect such books and records, and (ii) such request is made within one hundred twenty (120) days after the Operating Costs Statement is given by the Landlord to the Tenant. Notwithstanding the foregoing, should any such audit by Tenant indicate an error by Landlord in excess of five percent (5%) of the amount required to be paid by Tenant, then the reasonable costs of such audit shall be paid by Landlord.
Share of Operating Costs. The Premises are separately metered for electricity. Tenant shall obtain electricity directly from the utility company and pay the utility company directly for such electricity
Share of Operating Costs. If Tenant's Share of the actual Operating Costs for any Lease Year is less than the amount Tenant paid to Landlord as the estimate of Tenant's Share of Operating Costs for such Lease Year, such excess amount shall be applied against the installment of Additional Rent next coming due until the same has been fully applied.
Share of Operating Costs. The Operating Costs used to determine the Project Proportionate Share shall consist of costs, expenses, and services incurred or employed by Landlord for both the office and any other portions of the Project (the "Project Operating Costs"). The Operating Costs used to determine the Office Proportionate Share shall consist of costs, expenses, and services incurred or employed by Landlord solely for the office portion of the Project (the "Office Operating Costs"). Notwithstanding anything to the contrary in this Lease, items classified as Project Operating Costs shall not be included in the Office Proportionate Share and vice versa, with the intent that Landlord in good faith shall determine which Operating Costs relate solely to the office portion of the Project and which Operating Costs are Project Operating Costs without overlap of the two.
Share of Operating Costs. For each month during the term hereof (commencing August 2000), Tenant's Proportionate Share shall equal one-twelfth (1/12) of the product of $ .25 (such sum to increase by an additional $.25 on each anniversary of August 1, 2000 during the Term) multiplied by the rentable area of the Premises during each month. Such sum shall be payable in advance in equal monthly installments.
Share of Operating Costs. The amounts deposited into escrow and actually used to acquire Leases shall be the basis for each Party's ownership interest in the Leases. Subject to Section 6(b), below, no such amounts shall be credited or used for operations. Notwithstanding the actual dates of signing and/or recording the cross assignments pursuant to Section 5, above, each Party shall be responsible for its/his respective share of the cost of operations in accordance with the terms of the Operating Agreement attached hereto as Exhibit A (the "Operating Agreement"), with such share based on each Party's respective ownership interest at the time such cost is incurred. The cost of Dolphin's preparation of Title Opinions shall be included in such cost of operation.
Share of Operating Costs. The Tenant shall pay to the Landlord, when due, all Taxes in respect of the Premises, including any Taxes charged in respect of any Common Areas. In addition, the Tenant shall pay its Proportionate Share of Taxes, if any, separately charged against Common Areas. The Tenant's obligation to pay Taxes in respect of the Premises shall be determined on the basis of a separate ▇▇▇▇, if available. If the relevant taxing authority does not issue a separate ▇▇▇▇ for Taxes in connection with the Premises, then the Tenant's obligation in respect of Taxes shall be computed by applying the relevant tax rate to a separate assessment of the Premises, if any. If there is neither a separate ▇▇▇▇ for Taxes for the Premises nor a separate assessment of the Premises, then Taxes charged in respect of the Premises shall be determined by the Landlord, acting reasonably, on the basis of then current established principles of assessment used by the relevant assessing authorities.
Share of Operating Costs. If and to the extent that the Building is less than fully occupied during any Computation Year, then those Operating Costs which are variable based upon occupancy levels shall be equitably adjusted to reflect the Operating Costs which would have been incurred had the Building been fully occupied during such Computation Year.
Share of Operating Costs. The Expense Statement shall be certified by Landlord as being true and correct in all material respects. Landlord shall respond to any inquiries and requests for invoices or other information with respect to Operating Costs within thirty (30) days of any written request therefore by Tenant. Within thirty (30) days after the delivery of such Expense Statement, Tenant shall pay to Landlord the amount of any shortfall in the amount of estimated payments made to Landlord pursuant to Section 9.2 on account of Tenant’s Share of Operating Costs for such calendar year, and the actual amount shown as Tenant’s Share of Operating Costs for such calendar year. In the event the Expense Statement reflects an overpayment of Tenant’s Share of Operating Costs for such year, such overpayment shall be credited against the next due Base Rent hereunder, except if Tenant’s Lease is no longer in effect then Landlord shall refund such amount to Tenant within thirty (30) days.
Share of Operating Costs. The Tenant shall during and in respect of the Term pay its Proportionate Share of Operating Costs as follows: the Tenant's Proportionate Share of Operating Costs shall be estimated by the Landlord for such period as the Landlord may determine (not to exceed 12 months) and the Tenant shall pay the same to the Landlord in equal monthly instalments together with the regular monthly instalments of Basic Rent as set out in paragraph 3.